Kerr-McGee Acquires Block Offshore Benin

Kerr-McGee Corp., through its wholly owned subsidiary Kerr-McGee Benin Consortium S.A., has acquired 100% working interest in the 2.5 million acre Block 4 offshore Benin, Africa, in water depths ranging from approximately 300 feet to 10,000 feet.

"We are excited about the exploration potential the Benin acreage offers as part of the Golden Triangle of the Atlantic Margin basins that includes the deep waters of West Africa, Brazil and the Gulf of Mexico," said Luke R. Corbett, Kerr-McGee chairman and chief executive officer. "Leasing of the Benin deepwater block continues our strategy to grow our company through exploration in high-potential plays around the world."

The license for Block 4 covers all of Benin's deepwater area and brings Kerr-McGee's deepwater inventory to more than 32 million acres in proven, high-potential trends around the world. Kerr-McGee now holds interests in deepwater acreage in eight countries: United States -- Gulf of Mexico, Australia, Benin, Brazil, Canada, Gabon, Morocco and Thailand.